The reason why exchanges have recently started to secure manpower despite their poor performance is to diversify their businesses. Exchanges believe that it is difficult to continue growth with trading fees alone. Upbit launched Upbit NFT, an irreplaceable token (NFT) marketplace, and Second Block, a metaverse, and joined hands with Hive Entertainment to create an NFT publisher called Revels in Los Angeles. Bithumb Korea is also promoting metaverse and NFT business through its subsidiary Bithumb Metaverse by introducing its cryptocurrency wallet, Brito Wallet..
There is plenty of room for funds. As of the end of last year, the cash accumulated by the five major exchanges reached nearly 9 trillion won. Dunamu was found to have 6.8772 trillion won in cash as of the end of March. Bithumb Korea announced that it had 1.1594 trillion won in cash as of the end of June. As of the end of last year, Coinone has 372.6 billion won and Korbit has 86.6 billion won in cash.
Analysts say that the imminent entry of overseas exchanges into Korea and securities firms into cryptocurrency-related businesses also affected the exchange recruitment strategy. Crypto, a global cryptocurrency exchange, acquired a 100% stake in OKbit, a domestic coin market exchange, on the 8th and reported the change of executives to financial authorities.
